ANSWERS TO END OF CHAPTER QUESTIONS
QUESTIONS
1, The price value of a basis point will be the same regardless if the yield is increased or
decreased by 1 basis point. However, the price value of 100 basis points (i.c., the change in price
for a 100-basis-point change in interest rates) will not be the same if the yield is increased or
decreased by 100 basis points. Why?
‘The convex relationship explains why the price value of a basis point (i, the change in price for
a 1-basis-point change in interest rates) will be roughly the same regardless if the yield is
increased or decreased by 1 basis point, while the price value of 100 basis points will not be the
‘same if the yield is increased or decreased by 100 basis points. More details are below.
‘When the price-yield relationship for any option-free bond is graphed, it exhibits a convex shape.
‘When the price of the option-free bond declines, we can observe that the required yield rises.
However, this relationship is not linear. The convex shape of the price-yield relationship
generates four properties concerning the price volatility of an option-free bond. First, although the
prices of all option-free bonds move in the opposite direction from the change in yield required,
the percentage price change is not the same for all bonds. Second, for very small changes in the
yield required (like 1 basis point), the percentage price change for a given bond is roughly the
‘same, whether the yield required increases or decreases. Third, for large changes in the required
Yield (like 100 basis points), the percentage price change is not the same for an increase in the
required yield as it is for a decrease in the required yield. Fourth, for a given large change in basis
points, the percentage price increase is greater than the percentage price decrease.
2. Calculate the requested measures in parts (a) through (f) for bonds A and B (assume that each
‘bond pays interest semiannually). Needed bond details are below.
Bond A Bond B
Coupon 8% 9%
Yield to maturity 8% 3%
‘Maturity (years) 2 5
Par $100.00 $100.00
Price $100.00 $104,055
(a) What is the price value of a basis point for bonds A and B?
For Bond A, we get a bond quote of $100.00 for our initial price if we have a 2-year maturity, an
8% coupon rate and an 8% yield. If we change the yield one basis point so the yield is 8.01%,
then we have the following variables and values: C = $40, y = 0.0801 / 2 = 0.04005 and n = 2(2)
= 4, Inserting these values into the present value of the coupon payments formula, we get:
58 ‘Computing the present value of the par or maturity value of $1,000 gives:
M__ _ $1,000
+r)" 1.04005)"
= $854,640,
If we add a basis point to the yield, we get the value of Bond A as: P = $145.179 + $854.640 =
$999.819 with a bond quote of $99.9819. For bond A the price value of a basis point is about
$100 - $99.9819 = $0.0181 per $100.
Using the bond valuation formulas as just completed above, the value of bond B with a yield of
8%, a coupon rate of 9%, and a maturity of 5 years is: P = $364.990 + $675.564 = $1,040.554
with a bond quote of $104.0554. If we add a basis point to the yield, we get the value of Bond B
as: P= $364,899 + $675.239 = $1,040,139 with a bond quote of $104.0139. For bond B, the
price value of a basis point is $104.0554 — $104,0139 = $0.0416 per $100.
(b) Compute the Macaulay durations for the two bonds..
For bond A with C = $40, n= 4, y = 0.04, P= $1,000 and M = $1,000, we have:
ic ,_2¢ mC, _ nM
UtyS
aC tt ee
+y (ty? Cry
P
Macaulay duration (half years)
1($40) , 20840), 4(840) , 4(61,000)
1.04 (1.04) (1.04 "(1.04)" _ $3,775.09 _ 5 a599
$1,000 ~~ $4000
‘Macaulay duration (years) = Macaulay duration (half years) / 2 = 3.77509 / 2 = 1.8875.
For bond B with C = $45, n= 10, y = 0.04, P= $1,040.55 and M = $1,000, we have:
Ic 2c nc
jc, + en
ley (ltyF (ty ft (ty sh ©
P
Macaulay duration (half years) =
1$45) , 2845), 10($45) | 10($1,000)
Ha (108 ee (1 (1.04 * 38,645.2929
$1,040.55 "$1,040.55
= 8,3084,
Macaulay duration (years) = Macaulay duration (half years) /2 = 8.3084/2 = 4.1542,
(© Compute the modified duration.
Taking our answer for the Macaulay duration in years in part (b), we can compute the modified
for bond A by dividing by 1.04. We have: modified duration = 1.8875 / (1.04) = 1.814948,
59 ‘Taking our answer for the Macaulay duration in years in part (b), we can compute the modified
duration for bond B by dividing by 1.04. We have: modified duration = 4.1542 / (1.04) =
3.994417.
[NOTE. We could get the same answers for both bonds A and B by computing the modified
duration using an alternative formula that does not require the extensive calculations required by
the procedure in parts (a) and (b). This shortcut formula
n(1o0-[C/ y)
aoy |? aay
_— d+yy | d+ yy
P
‘where C is the semiannual coupon payment, y is the semiannual yield, n is the number of
‘semiannual periods, and P is the bond quote in 100's.
For bond A (expressing numbers in terms of a $100 bond quote), we have: C = $4, y = 0.04, n=
4, and P = $100. Inserting these values in our modified duration formula, we can solve as follows:
1 |, nioo—[cv yD Sareea 4 4($100- [s4/0.04)
d+yy ] Gey" 008] .04)" (1.04)
P ~ $100
= ($362.98952 + $0) / $100 = 3.6299. Converting to annual number by dividing by two gives a
modified duration for bond A of 1.8149 which is the same answer shown above.
For bond B, we have C = $4.5, n= 20, y = 0.04, and P = $104.05. Inserting these values in our
modified duration formula, we can solve as follows:
c il n(ioo-[c/y]) $4. 1 4($100-[$4.5/0.04])
S)l-a— |teg | a \t—
x a+yy d+yy _ 0.04 (2.04) 1.04)"
P ~ $104,055
= ($912.47578 — $81 1.9762) / $104.055 = 7.988834 or about 7.99. Converting to annual number
by dividing by two gives a modified duration for bond B of 3.9944 which is the same answer
shown above.]
(@ Compute the approximate duration using the shortcut formula by changing yields by 20 basis
points and compare your answer with that calculated in part (c).
‘To compute the approximate measure for bond A, which is a 2-year 8% coupon bond trading at
8% with an initial price (P,) of $1,000 (thus, it trades at its par value of $1,000), we proceed as
follows.
First, we increase the yield on the bond by 20 basis points from 8% to 8.20%. Thus, Ay is 0.002.
‘The new price (P+) can be computed using our bond valuation formula. Doing this we get
$996.379 with a bond price quote of $99.6379. Second, we decrease the yield on the bond by 20 basis points from 8% to 7.8%. The new price
(P_)can be computed using our bond valuation formula. Doing this we get $1,003,638 with a
bond price quote of $100.3638.
Third, with the initial price, Po, equal to $100 (when expressed as a bond quote), the duration can
bbe approximated as follows:
P_-P.
imate duration (years) = ——=———~
ee I) PON)
‘where Ay is the change in yield used to calculate the new prices (in decimal form). What the
formula is measuring is the average percentage price change (relative to the initial price) per 20-
basis-point change in yield. Inserting in our values, we have:
= 3100,3638 -$99.6379 _
2($100)(0.02) tse.
approximate duration (years)
This compares with 1.814948 computed in part (c). Thus, the approximate duration measure is
virtually the same as the modified duration computed in part (c).
‘To compute the approximate measure for bond B, which is a 5-year 9% coupon bond trading at
8% with an initial price (Pp) of $104.0554, we proceed as follows.
First, we increase the yield on the bond by 20 basis points from 8% to 8.20%. Thus, Ay is 0.002.
‘The new price (P+) can be computed using our bond valuation formula. Doing this we get
$1,032,283 with a bond price quote of $103,283,
Second, we decrease the yield on the bond by 20 basis points from 8% to 7.8%. The new price
(P_) can be computed using our bond valuation formula, Doing this we get $1,048.909 with a
bond price quote of $104,8909.
‘Third, with the initial price, Pp, equal to $104,0554 (when expressed as a bond quote), the
uration can be approximated as follows:
P_-P.
imate duration = —-———
= 2(PAy)
where Ay is the change in yield used to calculate the new prices (in decimal form). What the
formula is measuring is the average percentage price change (relative tothe inital price) per 20-
basis-point change in yield. Inserting in our values, we have:
$104,8909-$103,2283
proximate duration = 5104-8909 —$103.2283
" Hon =“ 2($104,0554)(0.02)
‘This compares with 3.994417 computed in part (c). Thus, the approximate duration measur is
virtually the same as the modified duration computed in par (c).
Besides the above approximate duration approach, there is another approach thal is shorter than
61 the Macaulay duration and modified duration approach. With this approach, we proceed as
follows. For bond A, we add 20 basis points and get a yield of 8.20%. We now have C = $40, y=
4.10%, n= 4, and M = $1,000. Before we use this shortcut approach, we first compute P. As
given above, we can use our bond valuation formula to get $996.379,
Now we can compute the modified duration for bond A using the below formula:
Cc [ 1 |: n(100-[c/y))
YL G+yy] dey"
ig
modified duration =
Putting in all applicable variables in terms of $100, we have: C = $4, n= 4, y= 0.041, and P=
‘$99.6379. Inserting these values in our fornmula gives:
4($100-[$4/0.041])
(1.041)*
$99.6379
($353,30310 + $79.8036) / $99.6379 = 3.6260 or about 3.63. Converting to annual number by
dividing by two gives a modified duration for bond A of 1.8130. This compares with 1.8149
computed in part (c). Since both round off to 1.81, the 20 point change in basis does not exercise
any noticeable effect on our computation as the difference is only 0.0019.
For bond B, we add 20 basis points and get a yield of 8.20%. We now have C= $45, y = 4.10%,
n= 10, and M = $1,000. Before we use the modified duration formula, we first compute P. Using
cour bond valuation formula to get $1,032.283.
‘Now we can compute the modified duration for bond B as above for Bond B. Given C = $4.5, n=
10, y = 0.041, and P =$103.2237, and inserting these values into the above formula for modified
duration gives:
modified duration = ($885.80511 - $627.0730) / $103.2283 = 7.97357 or about 7.97.
Converting to annual number by dividing by two gives a modified duration for bond B of 3.9868.
‘This compares with 3.9944 computed in part (c). Since both round off to 3.99, the 20-point
change in basis does not exercise any noticeable effect on our computation. However, for the two
‘year bond, we only had a difference of 0.0019, while for the five year bond, we have a difference
‘of 0.0076. Thus, this shortcut approach gives a wider disagreement for the longer-term bond
(bond B).
(©) Compute the convexity measure for both bond A and B.
2
1
Inbal year the convey mean °F, Noting hat a Ly Ll Gor) vary (+f?
[eh 1 | 2Cn__, n(n+1200-[e/ yD]
yt @
‘we can insert this quantity into our convexity measure (half years) formula to get:
1 | 2Cn__, n(n+1)(t00-[e/ y)) [ |
(+N ] ya+y)” (+)? P
For bond A, we have a 2-year 8% coupon bond trading at 8% with an initial price (Po) of $1,000
with a bond quote of $100, Expressing numbers in terms of a $100 bond quote, we have: C= $4,
y= 0.04, n= 4 and P= $100. Inserting these numbers into our convexity measure formula gives:
2c
cory | eh.
y
convexity measure (half years) =
[22 aa 21$4)4__, 4(5)(100-[$4/0.04) [sts
(0.04), (1.04)'} (0.04-(1.04) (1.04 $100.
a
$100
[$125,000{0.14519581] ~ $18,149.4761 + $0] [ ie 1,710,93(0.01] = 17.109354.
Convexity measure (years) = convexity measure (half years) / 4 = 17.1093 / 4 = 4.277350.
Dollar convexity measure = convexity measure (years) times P = 4.2773350($100) equals about
$427.73.
INOTE. We can get the same convexity by proceeding as follows. First, we increase the yield on
the bond by 10 basis points from 8% to 8.1%. Thus, Ay is 0.001. The new price (P+) can be
‘computed using our bond valuation formula. Doing this we get $998.187 with a bond quote of
$99.8187. Second, we decrease the yield on the bond by 10 basis points from 8% to 7.9%. The
new price (P_) can be computed using our bond valuation formula, Doing this we get $100.1817.
Third, with the initial price, Po, equal to $100, the convexity measure of any bond can be
approximated using the following formula:
P.+P_-2P
approximate convexity measure =
Paayy
Inserting in our values, the approximate convexity measure for bond A is
p $100.1817 + $99.8187 - 2($100)
approximate convexity measure = ——————____—_____-. = 4,2773384.
om $100(0.001"
‘The approximate convexity measure of 4.277384 is virtually identical to the convexity measure
of 4.2773350 computed above.
For bond B, we have a 5-year 9% coupon bond trading at 8% with an initial price (P.) of
63 $104,055. Expressing numbers in terms of a $100 bond quote, we have: C = $4.5, y = 0.04, n=
10, and P = $104.0554, Inserting these numbers into our convexity measure formula gi
convexity measure (half years) =
2(84.5)[,__ 1 !
oon Go|
1
'$140,625{0.32443583] — $45,623.7888 + ~$858.8209] |__| =
! ; y i locas
8,226.04[0.0096103] = 79.0544.
Convexity measure (years) = convexity measure (half years) /4 = 79.0544 / 4 = 19.7636077.
Dollar convexity measure = convexity measure (years) times P = 19.7636077($1,040.55) equals
about $2,056.51.
INOTE. We can get the same convexity measure by proceeding as follows. First, we increase the
yield on the bond by 10 basis points from 8% to 8.1%. Thus, Ay is 0.001. The new price (P+) can
be computed using our bond valuation formula. Doing this we get $1,036.408 with a bond quote
cof $103.6408. Second, we decrease the yield on the bond by 10 basis points from 8% to 7.9%.
‘The new price (P_) can be computed using our bond valuation formula. Doing this we get
$104.4721. Third, with the initial price, Po, equal to $104.0554, the convexity measure of any
bbond can be approximated using the following formula:
+ convexity = P.+P_-2Pr
” Po(Ayy
Inserting in our values, the approximate convexity measure for bond B is
$104.4721 + $103.6408 - 2($104.0554) _
PP = . $104.0554(0.001)"
19.7636548. Tos perio convoiey mean of 1.753654 ie vitelyientcl tthe
convexity measure of 19.763608 computed above.
(© Compute the approximate convexity measure using the shortcut forrmula by changing yields by
20 basis points and compare your answer to the convexity measure calculated in part (¢).
‘To compute the approximate convexity measure for bond A, which is a 2-year 8% coupon bond
trading at 8% with an initial price (Po) of $100, we proceed as follows.
First, we increase the yield on the bond by 20 basis points from 8% to 8.2%. Thus, Ay is 0.002.
‘The new price (P+) can be computed using our bond valuation formula. Doing this we get
$99.6379.
Second, we decrease the yield on the bond by 20 basis points from 8% to 7.8%. The new price
64 (P_) can be computed using our bond valuation formula. Doing this we get $1,003.638 with a
‘bond price quote of $100.3638.
‘Third, with the initial price, Po, equal to $100, the convexity measure of any bond can be
approximated using the following formula:
P.+P_-2Po
approximate convexity measure =
Pedy)
Inserting in our values, the approximate convexity measure is
$100.3638 + $99.637!
'$100(0.002)
2($100)
approximate convexity measure = 4,2773486.
This answer of 4.2773486 for the approximate convexity measure is very similar to that
‘computed in part () using the convexity measure where we got 4.273350. [NOTE. The
4.2773486 for a change of 20 basis points is virtually identical to the 4.2773384 that we can
‘compute for a change of 10 basis points.
To compute the approximate convexity measure for bond B which is a 5-year 9% coupon bond
trading at 8% with an initial price (P.) of $104.0554 (worth $1,040.54 and with a par value = M_
$1,000), we proceed as follows.
First, we increase the yield on the bond by 20 basis points from 8% to 8.2%. Thus, Ay is 0.001.
‘The new price (P+) can be computed using our bond valuation formula. Doing this we get
$103.2283.
‘Second, we decrease the yield on the bond by 20 basis points from 8% to 7.8%. The new price
(P_) can be computed using our bond valuation formula. Doing this we get $1,048,909 with a
bond price quote of $104.8909.,
Third, with the initial price, Po, equal to $104.0554, the convexity measure of any bond can be
approximated using the following formula:
P.+P_-2Ps
approximate convexity measure =
Po(Ayy”
Inserting in our values, the approximate convexity measure is
= $104.8909 + $103.2283 - 2($104.0554)
= 19.763824
$104.0554(0.002)"
approximate convexity measure
This answer of 4,2773486 for the approximate convexity measure is very similar to that
computed in part (e) using the convexity measure where we got 19.7636077 (NOTE. The
19-7636077 for a change of 20 basis points is virally identical to the 19.7636548 computed for a
change of 10 basis points.]
3. Can you tell from the following information which of the following three bonds will have the
65 on dollar duration and is our approximation of the price change based on duration. In equation
(2), the first term on the right-hand side isthe approximate percentage change in price based on
‘modified duration. The second term in equations (1) and (2) includes the second derivative of the
price function for computing the value of a bond. It is the second derivative that is used as a
roxy measure to correct for the convexity of the price-yield relationship. Market participants
refer to the second derivative of bond price function as the dollar convexity measure of the bond.
‘The second derivative divided by price is a measure of the percentage change in the price of the
bond due to convexity and is referred to simply as the convexity measure.
(€) Without working through calculations, indicate whether the duration of the two bonds would
be higher o lower if the yield to maturity is 10% rather than 8%.
Like term to maturity and coupon rate, the yield to maturity is a factor that influences price
volatility. Ceteris paribus, the higher the yield level, the lower the price volatility. The same
property holds for modified duration. Thus, a 10% yield to maturity will have both less volatility
that a 8% yield to maturity and also a smaller duration.
There is consistency between the properties of bond price volatility and the properties of modified
duration. When all other factors are constant, a bond with a longer maturity will have greater
price volatility. A property of modified duration is that when all other factors are constant, a bond
with a longer maturity will have a greater modified duration. Also, all other factors being
constant, a bond with a lower coupon rate will have greater bond price volatility. Also, generally,
‘a bond with a lower coupon rate will have a greater modified duration, Thus, bonds with greater
durations will greater price volatilities.
5. State why you would agree or disagree with the following statement: As the duration of a zero-
coupon bond is equal to its maturity, the price responsiveness of a zero-coupon bond to yield
changes is the same regardless of the level of interest rates.
As seen in Exhibit 4-3, the price responsiveness of a zero-coupon bond is different as yields
cchange. Like other bonds, zero-coupon bonds have greater price responsiveness for changes at
higher levels of maturity as interest rates change. Like other bonds, zero-coupon bonds have
‘greater price responsiveness for changes at lower levels of interest rates compared to higher levels
of interest rates.
Except for long-maturity deep-discount bonds, bonds with lower coupon rates will have greater
modified and Macaulay durations. Also, for a given yield and maturity, zero-coupon bonds have
higher convexity and thus greater price responsiveness to changes in yields.
6, State why you would agree or disagree with the following statement: When interest rates are
ow, there will be little difference between the Macaulay duration and modified duration
measures.
‘The Macaulay duration is equal to the modified duration times one plus the yield. Rearranging
this expression gives:
Macaulay duration
I+y
modified duration =
B Consider a 6% 25-year bond selling at $70.3570 to yield 9%. The dollar duration is 747.2009. For
a 1-basis-point (0.0001) increase in the required yield, the estimated price change per $100 of
face value is
dP = ~(dollar duration)(dy) = ~($747.2009)(0.0001) = -$0.07472.
If we change the yield one basis point so the yield is 9.01%, then the value of the bond is: P=
$592,378 + $110.45 = $702,824 with a bond quote of $70.2824. The price value of a basis point
is about $70.2824 ~ $70.3570 = -$0,07464. Notice that the dollar duration for a 1-basis point
change gives about the same value as the price value of a basis point as both round off to ~
$0.0747.
If we add a basis point to the yield, we get the value of Bond A as: P = $145.179 + $854.640 =
$999,819 with a bond quote of $99.9819. For bond A the price value of a basis point is about
$100 - $99.9819 = $0.0181 per $100.
9. The November 26, 1990, issue of BondWeek includes an article, “Van Kampen Merritt
Shortens.” The article begins as follows: “Peter Hegel, first v.p. at Van Kampen Merritt
Investment Advisory, is shortening his $3 billion portfolio from 110% of his normal duration of
(6¥4 years to 103-105% because he thinks that in the short run the bond rally is near an end.”
Explain Hegel's strategy and the use of the duration measure inthis context.
If Hegel thinks the bond rally is over it implies that he thinks bond prices will not go up. This
implies the belief that Hegel thinks interest rates will stop falling. If interest rates begin going up
then one does not want to lock in longer-term bonds at lower rates. This implies you want your
portfolio of bonds to focus more on shorter-term bonds. Thus, you want a portfolio with a shorter
duration. A shorter duration will mean not only less sensitivity to interest rates but if interest rates
go up then Hegel will later capitalize on this because as bonds in his portfolio mature quicker
(than would be achieved with a portfotio with a higher duration) he will be able to buy new bonds
and lock in higher rates. In brief, Hegel uses the duration measure to optimize the value of his.
portfolio based upon his belief about how interest rates change.
10. Consider the following two Treasury securities:
Bond Price ‘Modified duration (years)
A $100 6 Which bond will
B $80 7 have the greater
dollar price
volatility for a 25-basis-point change in interest rates?
‘The estimated dollar price change can be obtained by using the below equation:
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